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Uber's Growth is Slowing

As Uber gears up for an initial public offering later this year, its most recent financials revealed slowing sales.

The company reported $3 billion in revenue in the fourth quarter, meaning that sales grew 25% year-over-year in Q4, compared to 38% year-over-year growth in the third quarter, and 70% in the first quarter.

Uber drives towards an IPO that could reportedly value it at as much as $120 billion, or nearly double its $76 billion valuation when it last raised money.

"In 2018, our ridesharing business maintained category leadership in all regions we serve, Uber Freight gained exciting traction in the US, JUMP e-bikes and e-scooters are on the road in over a dozen cities, and we believe Uber Eats became the largest online food delivery business outside of China, based on gross bookings," he said in a statement.

Uber also slightly narrow its losses. The company lost $865 million in the fourth quarter, down from a loss of $1.07 billion in Q3. Its full year adjusted losses were $1.8 billion, a 15% improvement year-over-year, from $2.2 billion in 2017.

Ride-sharing company Lyft, valued at around $15 billion, is also expected to IPO later this year.